Sri Lanka's central bank is expected to leave its key interest rates unchan...
COLOMBO - Sri Lanka’s central bank is expected to leave its key interest rates unchanged on Friday, a Reuters poll showed, but a surprise rate cut is not ruled out due to sluggish economic growth ahead of a presidential election later this year.
Ten out of 12 economists surveyed expected the Central Bank of Sri Lanka to keep both its standing deposit facility rate and standing lending facility rate steady at7.50% and 8.50%, respectively. One analyst expected both rates to be cut by 50 basispoints and one by 25 bps. Seven out of the 12 analysts expect the central bank to cut the rates by 50 bps before the end of this year. All of the analysts predicted the statutory reserve ratio would be kept at 5.00%.
However, one economist, who expects a 25 bps cut, said the government has to show some progress on economic growth before a presidential election that must be held by Dec. 9.
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